Binance BNB (BNB) aka Binance Coin is a cryptocurrency created by Binance, one of the largest and most popular cryptocurrency exchanges in the world. Initially launched in 2017 as an ERC-20 token on the Ethereum blockchain, BNB has since migrated to its own native blockchain called Binance Chain and later expanded its utility with the introduction of Binance Smart Chain.

BNB was initially designed to offer discounts on trading fees for users of the Binance exchange. By holding BNB in their accounts, users can benefit from reduced fees on transactions, withdrawals, and listings. However, BNB has evolved to serve a variety of purposes beyond the Binance platform.

With the launch of Binance Smart Chain, BNB has gained additional utility as the native token for this parallel blockchain that is compatible with Ethereum's tools and DApps. BNB is used for gas fees on the Binance Smart Chain, enabling transactions and the execution of smart contracts. The Binance Smart Chain has become particularly popular for decentralized finance (DeFi) applications and non-fungible tokens (NFTs) due to its lower fees and faster transaction times compared to Ethereum.

BNB also functions as a utility token for various services within the Binance ecosystem, such as participating in token sales on the Binance Launchpad and voting on community decisions.

As Binance has grown in popularity and the use cases for BNB have expanded, the value of BNB has increased, making it one of the top cryptocurrencies by market capitalization.